GBP/USD Technical Analysis

GBP/USD started off last week’s trading with downside follow through in the wake of June 9th’s selloff in reaction to the outcome of the UK’s election results. Although the pair trimmed losses following the June 9th decline, downside follow through took place on Monday, with GBP/USD falling to test the low established in the wake of the election, at 1.2635, the lowest level traded since April 18th, the day Prime Minister May called for an early election.